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Afternoon Note

Mag 7 is Back

By Karina Hernandez, Senior Research Analyst
3/18/2024 1:48 PM

It’s a solid start with the major indices higher as the Street looks ahead to a monetary policy decision from the Fed this week. Nasdaq leads the Magnificent Seven rallies following a recent pullback from highs.

Remarkably, Financials are higher today despite Commercial Real Estate concerns after Raymond James downgraded New York Community Bank (NYCB) to Underperform from Market Perform.

On the economic side, US homebuilders’ confidence reached its highest level since July.

All eyes are now on the March Fed meeting, which starts tomorrow.


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